Fortuna Submits Exploitation Permit Application for the Diamba Sud Gold Project, Senegal
Rhea-AI Summary
Fortuna Mining (NYSE: FSM) submitted an exploitation permit application for the Diamba Sud gold project to Senegal's Ministry of Energy, Petroleum, and Mines on February 4, 2026. The company is advancing early works, site preparation and detailed engineering to de-risk critical path activities.
An updated Mineral Resource estimate is planned by the end of February 2026 to underpin Mineral Reserves and a feasibility study that will inform a potential construction decision targeted for mid-2026. The project previously demonstrated robust economics in a October 2025 PEA.
Positive
- Submitted exploitation permit application to Senegal ministry on Feb 4, 2026
- Plans to publish updated Mineral Resource estimate by end of February 2026
- Advancing early works, site preparation and detailed engineering to de-risk critical path activities
- Updated resources will form basis for Mineral Reserves used in the feasibility study
Negative
- None.
Key Figures
Market Reality Check
Peers on Argus
FSM is up 6.17% with several gold peers also positive: NG +6.04%, SSRM +5.87%, BTG +6.67%, EGO +5.19%, while SAND is down 5.16%. Scanner data does not flag this as a coordinated sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 20 | Reserves update | Positive | +3.6% | Séguéla reserve expansion to 1.54 Moz and mine life beyond nine years. |
| Jan 15 | Production results | Positive | -0.3% | Met 2025 GEO guidance and issued 2026 outlook with Diamba Sud budget. |
| Jan 08 | Share buyback update | Positive | -0.9% | NCIB repurchase of 1.7M shares plus project progress at Diamba Sud. |
| Dec 08 | Drill results | Positive | -0.4% | Southern Arc drill intercepts and Diamba Sud PEA economics reaffirmed. |
| Dec 03 | Expansion study | Positive | -1.9% | Awarding Séguéla plant expansion options study targeting higher throughput. |
Recent operational and growth updates have often seen muted or negative next-day reactions, with only one clear positive alignment out of five prior news events.
Over the last few months, FSM has focused on growth at Séguéla and Diamba Sud while also returning capital via buybacks. Updates included expanded Séguéla reserves to 1.54 Moz and mine life beyond 9 years, 2025 GEO production of 317,001 oz meeting guidance, and progress on Diamba Sud drilling and feasibility work. Despite generally positive fundamentals, four of the last five news items saw small negative price reactions, making today’s stronger gain stand out versus this recent pattern.
Market Pulse Summary
This announcement advances the Diamba Sud Gold Project by confirming submission of an exploitation permit application and continued early works and feasibility study preparation. It builds on a prior PEA that management described as demonstrating robust economics. In recent months, the company has also expanded reserves and met production guidance, so investors may track how this permit process, the upcoming Mineral Resource update, and the targeted mid‑2026 construction decision fit into that broader growth path.
Key Terms
exploitation permit regulatory
mineral resource estimate technical
mineral reserves technical
feasibility study technical
preliminary economic assessment technical
AI-generated analysis. Not financial advice.
VANCOUVER, British Columbia, Feb. 10, 2026 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) announces that it submitted an application for an exploitation permit for the Diamba Sud Gold Project to the Ministry of Energy, Petroleum, and Mines on February 4, 2026.
The Company continues to advance early works and engineering at Diamba Sud, including site preparation activities and detailed engineering programs designed to de-risk critical path activities and support the feasibility study. Fortuna also plans to publish an updated Mineral Resource estimate for Diamba Sud by the end of the month. This update will form the basis for the estimation of Mineral Reserves to be used in the feasibility study and will support the evaluation of a potential construction decision targeted for mid-2026. Robust project economics were demonstrated in the Preliminary Economic Assessment (“PEA”) completed in October 2025 (refer to Fortuna news release dated October 15, 2025).
About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Côte d’Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project in Senegal. Sustainability is at the core of our operations and stakeholder relationships. We produce gold and silver while creating long-term shared value through efficient production, environmental stewardship, and social responsibility. For more information, please visit our website at www.fortunamining.com
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.
Investor Relations:
Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube
Forward looking Statements
This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation, statements that the timing for a construction decision at the Diamba Sud project is targeted for mid-2026, which is subject to the receipt of all required permits, including an ESIA permit and an exploitation permit; the continued advancement of an early works program including site preparation activities and a detailed engineering program which are intended to de-risk execution and support the feasibility study; the timing of an updated Mineral Resource estimate for the Project expected by the end of February 2026; continued exploration activities at the Project leading to the conversion of Mineral Resources to Mineral Reserves; and the preparation of a feasibility study for the Diamba Sud project targeted for mid-2026; statements that the PEA demonstrates robust economics for the Project; statements about the Company’s business strategies, plans and outlook; the Company’s plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company’s business and operations; the future results of exploration activities; expectations with respect to metal grade estimates and the impact of any variations relative to metals grades experienced; assumed and future metal prices; the merit of the Company’s mines and mineral properties; and the future financial or operating performance of the Company. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “proposed”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; risks relating to the Company’s ability to replace its Mineral Reserves; risks related to the conversion of Mineral Resources to Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; laws and regulations regarding the protection of the environment (including greenhouse gas emission reduction and other decarbonization requirements and the uncertainty surrounding the interpretation of omnibus Bill C-59 and the related amendments to the Competition Act (Canada); risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian, and Israeli – Hamas conflicts, and the impacts they may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; property title matters; risks related to the ability to retain or extend title to the Company’s mineral properties; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form for the fiscal year ended December 31, 2024. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including, but not limited to, the timing of the receipt of the required permits for the Diamba Sud Project will be obtained in line with expected timelines; the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; the duration and impacts of geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company's operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events, or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.
Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
All reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. All Mineral Reserve and Mineral Resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves. Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and mineral reserve and resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.
A PDF accompanying this announcement is available at http://ml.globenewswire.com/Resource/Download/bf469f07-3e7f-4966-bfe9-1799a9551d5a
FAQ
When did Fortuna (FSM) submit the Diamba Sud exploitation permit application?
When will Fortuna (FSM) publish the updated Mineral Resource estimate for Diamba Sud?
How does the Diamba Sud permit application affect Fortuna's (FSM) project timeline?
What preparatory work is Fortuna (FSM) doing at Diamba Sud while permitting proceeds?
Did the Diamba Sud project show positive economics before the current update?
